Cryptocurrency exchange Coinbase announced a loss of $ 1.1 billion in its announced earnings report.
The problems experienced by the crypto money industry continue to affect huge companies.
Coinbase posted a net loss of $1.1 billion, more than double the $546 million that analysts had expected.
Cryptocurrency Exchange Coinbase Announces Loss
Coinbase’s crypto assets also melted. The assets of the largest stock exchange in the USA fell from $ 256 billion to $ 96 billion.
The transaction volume remained at $217 billion. In the first quarter, the transaction volume was at the level of 309 billion dollars. Of these, $46 billion came from the retail trade volume. In the previous quarter, the retail trade volume was at the level of 74 billion dollars.
Coinbase announced revenue of $803 million, despite an estimate of $874 million. First quarter revenue was $1.01 billion.
Total revenue from subscriptions and services was $147 million, while transaction revenues totaled $655.2 million. Analysts’ estimates were $139 million and $715 million, respectively.
The company stated that retail investors trade less due to the state of the markets and generally turn to the staking system.
While the company stated that the net loss was $ 1.1 billion, it cited the decline in the markets as the reason.
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